NEWS Around Asia Pacific in seven stories… LO CA L G OV E R N M E N T
Kishida elected as Japan’s new Prime Minister, parliamentary election scheduled
H E A LT H C A R E
AUSTRALIA COMMITS TO COVID-19 ANTIVIRAL PILLS AFTER RECORD CASES IN VICTORIA AUST RALIA’S P RIME Minister, Scott Morrison, has recently committed to ordering 300,000 courses of Molnupiravir - the world’s first oral antiviral medication in the fight against COVID-19. The announcement comes as Victoria recorded the highest number of positive COVID-19 tests of any Australian state since the pandemic began in early 2020. With Merck set to produce 10
million courses of Molnupiravir before the end of 2021, South Korea, Thailand, Taiwan, and Malaysia are also in talks to buy the treatment once approved. The Philippines is already running a trial of the medicine. Molnupiravir is considered a breakthrough in preventing the spread of COVID-19. Individuals who are most at-risk are recommended to take one pill twice a day.
ECONOMY
Chinese property firms face financial uncertainty P R OP ER T Y D EVE LO P E R S Sinic Holdings and Fantasia Holdings have joined major real estate giant Evergrande in financial turmoil. All three companies have failed to make debt interest payments in recent weeks. Hong Kong-based property company Hopson Development 10 | APAC Outlook issue 52
F U M I O K I S H I DA , recently elected as Japan’s new Prime Minister (PM) by the ruling Liberal Democratic Party, has called a parliamentary election for October 31st to cement a new mandate for improving the nation’s response to the COVID-19 pandemic. Kishida replaces outgoing PM Yoshihide Suga, whose approval ratings remained low following a surge in COVID-19 cases following the Tokyo Olympics. Suga struggled to avoid criticism since the beginning of the pandemic and was roundly condemned for allowing the delayed Olympics to take place while COVID-19 remains a major threat. The new PM is supported by popular predecessor Shinzo Abe and has included many of Abe’s political allies in his new cabinet.
are expected to buy a controlling stake in Evergrande. The deal would provide funds of around $5 billion to ease payments to debtors, including investors, suppliers, and customers. Some tension remains over the deal due to the potential impact any result could have on the global economy. The Chinese Government have indirectly signalled a willingness to protect individual citizens from financial ruin, should an agreement not be reached.
